Reduction of Obligation Through Extension of Time for Payment Sample Clauses

Reduction of Obligation Through Extension of Time for Payment. The obligations of the Entity pursuant to the purchase of the Interests shall be reduced to the lowest monthly level that the CPA’s and counsel to the Entity opine will not cause the Entity to default on its purchase obligation, be in default on any of its obligations to any creditors other than any other party to this Agreement or go below its level of required minimum capital for purposes of state law, provided, however, that the regular terms of payment as provided in this Article IV and in the applicable notes on which the Entity is paying shall automatically go back into effect when the CPA’s and counsel to the Entity opine that such payments will not trigger any such defaults.
Sample 1
AutoNDA by SimpleDocs
Reduction of Obligation Through Extension of Time for Payment. The obligations of the Entity pursuant to all of the purchases of Interests that were made within twenty-four (24) months of one another shall be reduced to the lowest monthly level, equal between the Transferring Owners for the relative sizes of the Interests that the Entity purchased (see the example in Section 4.05(a)(ii) for how this provision is intended to operate), that the CPA’s and counsel to the Entity opine will not cause the Entity to default on any of its purchase obligations, be in default on any of its obligations to any creditors other than any other party to this Agreement or go below its level of required minimum capital for purposes of state law; provided, however, that the regular terms of payment as provided in this Article IV and in the applicable notes on which the Entity is paying shall automatically go back into effect when the CPA’s and counsel to the Entity opine that such payments will not trigger any such defaults.
Sample 1

Related to Reduction of Obligation Through Extension of Time for Payment

  • C4 Price adjustment on extension of the Initial Contract Period C4.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Client agrees to extend the Initial Contract Period pursuant to clause F8 (Extension of Initial Contract Period) the Client shall, in the 6 month period prior to the expiry of the Initial Contract Period, enter into good faith negotiations with the Contractor (for a period of not more than 30 Working Days) to agree a variation in the Contract Price.

  • Extension of Agreement Prior to the original expiration date of this Agreement, the Parties mutually agree to extend this Agreement to the February 15 extension date identified in Paragraph VIII(A). The Parties acknowledge that no further extensions of this Agreement are authorized. Xxxxxxxxx has hereunto signed on this Day of , 20 . Landowner(s): The Secretary of the Department of Agriculture, acting and through his or her authorized representative has executed this Contract on behalf of the United States of America on this Day of , 20 . THE UNITED STATES OF AMERICA BY: NONDISCRIMINATION STATEMENT The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or a part of an individual’s income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at 0 (000) 000-0000 (voice and TDD). To file a complaint of discrimination, write to USDA, Director, Office of Civil Rights, 0000 Xxxxxxxxxxxx Xxxxxx, XX., Xxxxxxxxxx, XX 00000-0000 or call (000) 000-0000 (voice) or (000) 000-0000 (TDD). USDA is an equal opportunity provider and employer. PRIVACY ACT STATEMENT

  • Escalation/De-escalation Clause In the event that prevailing market conditions warrant an adjustment in bid prices contained in the contract, the following escalation/de- escalation clause shall be the only clause applicable or acceptable:

  • No Extension of Time If the Owner’s determination proves valid that good cause existed to believe a violation had occurred, the Contractor is not entitled to an extension of time for any delay arising directly or indirectly from the arbitration procedures set forth herein.

  • Contract Renegotiation, Suspension, or Termination Due to Change in Funding If the funds DSHS relied upon to establish this Contract or Program Agreement are withdrawn, reduced or limited, or if additional or modified conditions are placed on such funding, after the effective date of this contract but prior to the normal completion of this Contract or Program Agreement:

  • Payment of Premiums; Substitution of Policy; Loss Reserve; Protection of Lender If Lender required Mortgage Insurance as a condition of making the Loan, Borrower will pay the premiums required to maintain the Mortgage Insurance in effect. If Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, and (i) the Mortgage Insurance coverage required by Lender ceases for any reason to be available from the mortgage insurer that previously provided such insurance, or (ii) Lender determines in its sole discretion that such mortgage insurer is no longer eligible to provide the Mortgage Insurance coverage required by Lender, Borrower will pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Xxxxxx. If substantially equivalent Mortgage Insurance coverage is not available, Borrower will continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use, and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve will be non-refundable, even when the Loan is paid in full, and Lender will not be required to pay Borrower any interest or earnings on such loss reserve. Lender will no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower will pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender’s requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 11 affects Borrower’s obligation to pay interest at the Note rate.

  • COMPLETION OF AGREEMENT The District and the Union agree that this contract is complete. There shall be no additions to or deletions from the content of any Articles and there shall be no Articles added except by mutual agreement by the Board and the Union. In addition, there shall be no further negotiations on any matter that is within or comes within the scope of representation for the duration of the contract except by mutual agreement.

  • Exceptions and Extension of Payment Due Date NYSERDA has determined that, notwithstanding the provisions of Sections 504.3 and 504.4 of this Exhibit, any of the following facts or circumstances, which may occur concurrently or consecutively, reasonably justify extension of the Payment Due Date:

  • Acceptance and Application of Partial Payments Lender may accept and either apply or hold in suspense Partial Payments in its sole discretion in accordance with this Section 2. Lender is not obligated to accept any Partial Payments or to apply any Partial Payments at the time such payments are accepted, and also is not obligated to pay interest on such unapplied funds. Lender may hold such unapplied funds until Borrower makes payment sufficient to cover a full Periodic Payment, at which time the amount of the full Periodic Payment will be applied to the Loan. If Borrower does not make such a payment within a reasonable period of time, Lender will either apply such funds in accordance with this Section 2 or return them to Borrower. If not applied earlier, Partial Payments will be credited against the total amount due under the Loan in calculating the amount due in connection with any foreclosure proceeding, payoff request, loan modification, or reinstatement. Lender may accept any payment insufficient to bring the Loan current without waiver of any rights under this Security Instrument or prejudice to its rights to refuse such payments in the future.

  • When Delay Claim Deemed Waived Any claim to extend the Contract Time and Material Completion and Occupancy Date not made in writing to Owner within the above time periods shall be deemed waived and shall not thereafter be valid. In the case of a continuing delay as a result of a single event, only one claim submission is necessary.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!